Bytedance, the startup behind hit Chinese news aggregator Jinri Toutiao, is reportedly seeking to raise as much as $3 billion in a funding round that could value the Beijing-based company at up to $75 billion.

And so the rise in supergiant venture rounds continues. Deals for $100 million and up hit a record in July, and August is off to a brisk start as well. But where in the world are all the companies raising the capital? A Crunchbase News analysis finds that supergiant round volume in the U.S. and China is highly correlated, with similar deal counts for both countries this year.